BlackRockCapital Investment Corp. and its former investment adviser,52nd Street Capital AdvisorsLLC, reached an agreement in principle with the plaintiffs in two legalcases.
The cases, which were filed in 2012 in the Circuit Court ofHancock County in West Virginia and have been consolidated,involve three deaths and personal injuries to other employees at thefacilities of one of BlackRock Capital's portfolio companies.
BlackRock Capital and 52nd Street reached an agreement inprinciple to settle the actions for $17.5 million. The definitive settlementagreement is subject to final documentation and court approval.
BlackRock Capital expects to accrue for the settlementpayment in the third quarter and pay the amount on behalf of itself and 52ndStreet in the fourth quarter, using cash and its credit facility.